Correlation Between Grayscale Bitcoin and 45774NAB4
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By analyzing existing cross correlation between Grayscale Bitcoin Mini and Iris Merger Sub, you can compare the effects of market volatilities on Grayscale Bitcoin and 45774NAB4 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Grayscale Bitcoin with a short position of 45774NAB4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grayscale Bitcoin and 45774NAB4.
Diversification Opportunities for Grayscale Bitcoin and 45774NAB4
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grayscale and 45774NAB4 is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale Bitcoin Mini and Iris Merger Sub in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iris Merger Sub and Grayscale Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Grayscale Bitcoin Mini are associated (or correlated) with 45774NAB4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iris Merger Sub has no effect on the direction of Grayscale Bitcoin i.e., Grayscale Bitcoin and 45774NAB4 go up and down completely randomly.
Pair Corralation between Grayscale Bitcoin and 45774NAB4
Considering the 90-day investment horizon Grayscale Bitcoin Mini is expected to generate 3.3 times more return on investment than 45774NAB4. However, Grayscale Bitcoin is 3.3 times more volatile than Iris Merger Sub. It trades about 0.38 of its potential returns per unit of risk. Iris Merger Sub is currently generating about 0.53 per unit of risk. If you would invest 3,105 in Grayscale Bitcoin Mini on September 1, 2024 and sell it today you would earn a total of 1,204 from holding Grayscale Bitcoin Mini or generate 38.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 38.1% |
| Values | Daily Returns |
Grayscale Bitcoin Mini vs. Iris Merger Sub
Performance |
| Timeline |
| Grayscale Bitcoin Mini |
| Iris Merger Sub |
Grayscale Bitcoin and 45774NAB4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grayscale Bitcoin and 45774NAB4
The main advantage of trading using opposite Grayscale Bitcoin and 45774NAB4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grayscale Bitcoin position performs unexpectedly, 45774NAB4 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 45774NAB4 will offset losses from the drop in 45774NAB4's long position.| Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. iShares Ethereum Trust | Grayscale Bitcoin vs. ProShares Trust | Grayscale Bitcoin vs. Grayscale Ethereum Trust |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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